Fifth 3rd Joins Partnership for Carbon Accounting Financials Commitment Furthers Bank’s Leadership in Environmental Sustainability

Fifth 3rd now announces that it has joined the Partnership for Carbon Accounting Financials (PCAF), the most up-to-date in a series of ways taken by Fifth 3rd to fully grasp and measure its have local weather impact. Earlier this calendar year, Fifth 3rd announced that it accomplished carbon neutrality for its functions beneath Scope 1, Scope 2 and small business journey under Scope 3 emissions.

This press launch options multimedia. Watch the whole launch in this article: https://www.businesswire.com/news/property/20210408005575/en/

Jamie Leonard, chief economic officer, Fifth 3rd Financial institution (Photograph: Small business Wire)

PCAF is an marketplace-led partnership of about 110 money institutions globe-large that operate collectively to acquire and carry out a constant and clear normal for money institutions to assess and disclose consumer greenhouse gasoline (GHG) emissions connected with loans and investments.

“We comprehend that our effects to the atmosphere is not just what we do with our have functions, but also features what we finance,” claimed Jamie Leonard, government vice president and chief fiscal officer, Fifth 3rd Bancorp. “We are excited to get this significant step by committing to evaluate certain shopper emissions as a result of a typical GHG accounting typical.”

Released globally in 2019, PCAF is a world-wide partnership to standardize GHG accounting for the financial sector, enabling a harmonized approach to the assessment and disclosure of financed greenhouse gas emissions. Past evaluating, monitoring and reporting financed emissions, a dependable method to portfolio GHG accounting gives financial institutions the information essential to notify steps and method, established climate targets, assess weather transition dangers and disclose progress. As such, the tactic feeds into the perform of other climate initiatives, these types of as the CDP and the Task Power on Weather-related Monetary Disclosures (TCFD) framework.

“PCAF is happy that Fifth 3rd Lender has joined over 110 financial establishments globally that are dedicated to measuring and disclosing the emissions of their portfolios to aid assembly the targets of the Paris Climate Agreement,” claimed Nicole Labutong, PCAF North The united states Direct. “Fifth Third’s travel to continue to keep measuring and lessening its emissions throughout all scopes will make it a important collaborator in PCAF.”

Fifth 3rd became the first regional commercial financial institution in the U.S. to obtain operational carbon neutrality in 2020. Also that calendar year, it announced a five-12 months $8 billion sustainable finance aim. Fifth 3rd carries on to make sizeable development on its 5 bold sustainability objectives announced in 2017, together with obtaining already attained its target for 100% renewable electrical power, a 20% reduction in drinking water use and a 25% reduction in greenhouse gasoline emissions. In addition to these targets, Fifth Third has maintained its A- Climate Leadership Rating from CDP in 2020 and established a countrywide renewable strength finance center of excellence in 2018. Fifth 3rd aligns its operate in environmental sustainability to the United Nations Sustainable Finance Aim No. 13 Local weather Motion. Extra facts is accessible in Fifth Third’s 2019 ESG Report. Fifth Third expects to publish its 2020 ESG Report in mid-2021.

Fifth Third’s accomplishment of carbon neutrality is pending 3rd-bash verification. For additional environmental disclosures, like the Bank’s CDP questionnaire responses, environmental info tables, sustainable finance purpose methodology and impartial verification and assurance experiences, stop by the added disclosures website page of Fifth Third’s ESG site.

About Fifth 3rd

Fifth 3rd Bancorp is a diversified fiscal products and services corporation headquartered in Cincinnati, Ohio and the indirect parent business of Fifth Third Lender, Countrywide Association, a federally chartered institution. As of Dec. 31, 2020, Fifth Third had $205 billion in property and operated 1,134 entire-support banking centers and 2,397 ATMs with Fifth 3rd branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Ga, North Carolina and South Carolina. In overall, Fifth 3rd delivers its consumers with accessibility to roughly 52,000 fee-cost-free ATMs throughout the United States. Fifth Third operates 4 primary businesses: Commercial Banking, Department Banking, Shopper Lending and Wealth & Asset Management. Fifth 3rd is between the largest money administrators in the Midwest and, as of Dec. 31, 2020, had $434 billion in property under treatment, of which it managed $54 billion for men and women, companies and not-for-financial gain companies by its Have faith in and Registered Investment Advisory corporations. Trader details and push releases can be considered at www.53.com. Fifth Third’s popular inventory is traded on the Nasdaq® World wide Select Industry below the image “FITB.” Fifth Third Financial institution was recognized in 1858. Deposit and Credit rating solutions are provided by Fifth 3rd Financial institution, Countrywide Association. Member FDIC.

Partnership for Carbon Accounting Financials

The Partnership for Carbon Accounting Financials (PCAF) was launched globally in September 2019. At present, much more than 110 banking companies and traders have subscribed to the PCAF initiative. PCAF participants work alongside one another to jointly develop the International GHG Accounting and Reporting Conventional for the Economical Market to evaluate and disclose the greenhouse emissions of their financial loans and investments. By accomplishing so, PCAF individuals just take the initial phase necessary to evaluate local weather-associated pitfalls, set targets in line with the Paris Climate Settlement and produce effective methods to decarbonize our culture. For far more information and facts see https://carbonaccountingfinancials.com/

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Stacie Haas (Media Relations)
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Mike Faillo (Trader Relations)
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